CVC prices $392.22 million CLO; Zais prices $278.45 million; CBO/CDO/CLO paper mixed

By Cristal Cody

Tupelo, Miss., June 11 – In new June primary action, CVC Credit Partners, LLC priced a $392.22 million CLO offering.

The deal is the manager’s second new dollar-denominated CLO transaction of the year.

Zais Group, LLC also priced a $278.45 million broadly syndicated CLO in its second new deal year to date.

More than $27 billion of dollar-denominated CLOs and over €7 billion of European CLOs have priced so far this year, market sources report.

Elsewhere, securitized paper was mixed in the secondary market, according to Trace data.

High-grade CBO/CDO/CLO paper improved slightly to 96.70 on Wednesday from 96.30 on Tuesday but off Monday’s average of 96.80. In the same session a week ago, high-grade issues averaged 96.40.

Average prices for lower-rated paper softened to 79 on Wednesday from 80.70 on Tuesday and 81.70 on Monday but remain higher than the 72.80 average seen in the same session last week.

In its deal, CVC Credit Partners priced $392.22 million of notes due July 24, 2031 in the new offering, according to market sources.

Apidos CLO XXXIII/Apidos CLO XXXIII LLC sold $256 million of class A floating-rate notes at Libor plus 170 basis points in the AAA-rated tranche.

Goldman Sachs & Co. LLC was the placement agent.

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